VST Industries Ltd

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 34.58%
Company has been maintaining a healthy dividend payout of 70.93%
Cons:
Stock is trading at 9.08 times its book value
The company has delivered a poor growth of 7.22% over past five years.
Promoter holding is low: 32.16%

Peer Comparison Sector: Tobacco Products // Industry: Cigarettes

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018
217 270 249 225 228 220 210 220 239 279 243 290
152 196 182 175 161 157 144 150 159 200 146 200
Operating Profit 65 74 67 50 68 63 65 70 80 80 97 90
OPM % 30% 27% 27% 22% 30% 29% 31% 32% 33% 29% 40% 31%
Other Income 5 4 6 5 5 4 6 5 5 8 7 9
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 7 9 8 9 10 11 9 9 9 11 9 11
Profit before tax 63 69 65 46 63 57 62 65 76 76 95 89
Tax % 35% 28% 33% 33% 34% 38% 35% 33% 35% 37% 36% 36%
Net Profit 41 49 44 31 41 36 40 44 50 48 61 57
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
333 339 380 471 578 684 669 789 836 883 922 948 1,052
253 255 313 401 439 475 488 571 594 646 675 653 705
Operating Profit 80 83 67 70 139 210 180 218 243 237 248 295 347
OPM % 24% 25% 18% 15% 24% 31% 27% 28% 29% 27% 27% 31% 33%
Other Income 16 16 35 33 20 26 26 32 18 20 20 24 30
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 11 14 16 18 24 25 22 27 32 31 37 39 41
Profit before tax 85 86 86 86 135 211 184 224 229 227 231 279 336
Tax % 35% 32% 28% 27% 30% 32% 31% 33% 33% 32% 34% 35%
Net Profit 55 58 62 62 95 143 126 150 152 153 152 182 216
EPS in Rs 32.28 34.39 34.94 35.21 54.24 81.76 71.14 85.34 83.92 85.30 98.13 117.79
Dividend Payout % 56% 53% 75% 75% 73% 70% 76% 72% 71% 71% 76% 66%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.83%
5 Years:7.22%
3 Years:4.26%
TTM:19.75%
Compounded Profit Growth
10 Years:13.05%
5 Years:8.80%
3 Years:7.64%
TTM:34.59%
Return on Equity
10 Years:36.74%
5 Years:37.99%
3 Years:34.58%
TTM:32.37%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
15 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 190 212 220 228 245 271 285 309 329 352 524 567 540
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
205 239 275 326 390 437 458 446 496 470 274 497 609
Total Liabilities 411 467 510 569 650 723 758 771 840 838 813 1,079 1,164
95 119 125 133 152 163 175 209 198 174 220 195 212
CWIP 2 3 5 7 0 0 0 0 0 41 1 34 10
Investments 187 223 193 190 171 224 199 181 171 162 174 416 502
126 122 186 239 327 336 384 381 471 461 419 433 440
Total Assets 411 467 510 569 650 723 758 771 840 838 813 1,079 1,164

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
68 68 21 53 85 151 118 130 118 132 146 420
-29 -58 25 -5 -8 -63 9 -18 3 -24 -18 -264
-23 -37 -37 -55 -54 -81 -117 -113 -126 -130 -130 -139
Net Cash Flow 17 -27 9 -7 23 7 10 -1 -6 -22 -2 17

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 43% 36% 27% 35% 51% 72% 59% 70% 65% 58% 51% 50%
Debtor Days 6 5 5 11 8 7 13 4 5 5 5 11
Inventory Turnover 6.19 5.05 3.62 3.01 2.79 2.89 2.72 3.03 2.64 2.38 2.61 3.26